WTI crude oil prices have reversed sharply, falling 18% from their June highs as the geopolitical risk premium fades. Rising US crude inventories, potential easing of sanctions on Russian oil, and planned OPEC+ production hikes are adding downward pressure. Technical signals suggest the recent three-month rebound has ended, with a bearish trend likely to extend toward key support levels at $60.55, $55.00, and $50.50/49.10 unless prices break above $68.80.
08-08-2025 09:49 GMT
by Kelvin Wong
